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Ansys, Inc. BUY Company Update : Software

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Ansys, Inc. BUY Company Update : Software March 9, 2020 Ansys, Inc. BUY Company Update : Software Let there be light Ansys has announced the acquisition of Lumerical, a privately- held developer of photonic design and simulation tools. The company, based in Vancouver, was founded in 2003. Jay Vleeschhouwer [email protected] Two decades ago, we asked EDA managements about the 646-442-4251 possible or eventual role of photons in computing, and the answer was that it was something to consider but that it was or would be on the horizon (or event horizon, as it were) for some time . They were Stock Symbol NASDAQ: ANSS right but that role now seems much closer to being meaningful Current Price $228.70 or necessary, though it is premature to quantify (or quanta-fy) in 12 mos. Target Price $284.00 terms of revenues, not to mention what will likely have to be a good Market Cap $19,075.7 mln gestation period vis-à-vis duly modifying or updating customers’ Shares O/S 87.0 mln design and engineering processes and techniques (meaning this acquisition is for strategic positioning as the engineering software Avg Daily Vol. (3 mos.) 472,288 shs. market evolves, as it will in this and in other respects). 52-Week Price Low/High $174.25 - $299.06 P/B 6.8x This acquisition fits with Ansys' history of acquiring physics- Price/ FCF 0.5x based software and IP, and will be part of the physics business unit (rather than, for instance, the semiconductor unit) inasmuch Fiscal Year End Dec as photonics will have a role in addressing multiple simulation ROE 19% types and application/end-market uses, i.e., multi-physics to EPS complement existing simulation functions in the portfolio. Our understanding is that Lumerical has about five dozen employees FY 20E FY 21E FY 22E (with limited field sales, suggesting the headcount is mostly in Q1 (Mar) $0.76E $0.93E $1.07E R&D/product development). Q2 (Jun) 1.34E 1.58E 1.73E The press release states, “… technologies such as 5G and Q3 (Sep) 1.55E 1.75E 1.91E industrial internet of things (IIoT) applications as well as Q4 (Dec) 2.67E 2.96E 3.23E autonomous vehicles are challenging companies to deal with $6.33E $7.21E $7.95E massive volumes of data faster than ever. Traditional means P/E 36.1x 31.7x 28.8x of transmitting that data are being replaced by higher-efficiency EV/Sales 11.3x 10.3x 9.5x optical networks. Lumerical's photonic simulation products enable designers to model the most challenging problems in photonics, 320 including interacting optical, electrical and thermal effects. 300 Lumerical's solutions can improve the performance of data 280 center architectures…”. The applications above entail analog/ 260 mixed-signal requirements (for which photonics could be a 240 logical complement to conventional A/MS and electromagnetic 220 techniques, i.e., as in Cadence's [CDNS, $61.63, Buy] Custom 200 business). 180 Our understanding is that Ansys was not the only EDA/Technical 160 Software company to consider Lumerical; it could conceivably May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 Ansys, Inc. have been a fit for (at least one of the) other companies, especially for the systems-level in various end-markets that matter to the peer group (e.g., the Apple jobs site shows a number of photonics-related positions, e.g., photonic IC development for electro-optical sensors, LiDAR signal processing, and camera hardware, among others). 17 State Street, 3rd Floor, New York, NY 10004 • 212.509.9500 • www.griffinsecurities.com Please Review Disclosures on Page 3 of This Report Ansys, Inc. March 9, 2020 The products consist of “DEVICE” suite, for photonic multiphysics simulation (e.g., the “FDTD” tool, for 3D electromagnetic simulation, an evident complement to Ansys' electromagnetics business, for which we’ve approximated 2019 revenues of more than $175 million); “SYSTEM” suite, for photonic integrated circuit simulation (e.g., the “Interconnect” tool, for photonic IC simulation, used on optical transceivers, optical switches, signal processing, sensors, and LiDAR); and interoperability products, for interfaces, automation, and foundry support (e.g., tool integrations, to Cadence Virtuoso and Mentor’s Tanner, and foundry support for TSMC, Fraunhofer and others). The Lumerical website shows multiple products and press releases that refer to one or both of Cadence and Mentor, which would suggest, given the existing complementariness, that one or both of those would or should have at least conducted due diligence, or been a bidder, given the prior connections. Alas, it was Ansys that seems to have moved closer to light speed...and so Planck’s constant comes to engineering software via Pittsburgh. The purchase terms were not disclosed (which is to say, we’ll need to wait for the 2Q20 10-Q). Chart A. Cadence-Lumerical interoperability Source: Lumerical. Chart A comment. The Lumerical website accompanies this graphic with, “Built around the Virtuoso® custom IC design platform, an electronic-photonic design automation (EPDA) environment has been developed to enable schematic-driven designs, simulation, and layout for monolithic/hybrid integrated electronic and photonics circuits”. Presumably, Ansys would maintain these and other existing integrations. Griffin Securities Equity Research 2 Ansys, Inc. March 9, 2020 Disclosures ANALYST(s) CERTIFICATION: The analyst responsible for covering the securities in this report certify that the views expressed in this research report accurately reflect their personal views about the subject Companies mentioned and its securities. The analyst responsible for covering the securities in this report certify that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendation or view contained in this research report. MEANINGS OF RATINGS: Our rating system is based upon 12 to 36 month price targets. BUY describes stocks that we expect to appreciate by more than 20%. HOLD/NEUTRAL describes stocks that we expect to change plus or minus 20%. SELL describes stocks that we expect to decline by more than 20%. SC describes stocks that Griffin Securities has Suspended Coverage of this Company and price target, if any, for this stock, because it does not currently have a sufficient basis for determining a rating or target and/or Griffin Securities is redirecting its research resources. The previous investment rating and price target, if any, are no longer in effect for this stock and should not be relied upon. NR describes stocks that are Not Rated, indicating that Griffin Securities does not cover or rate this Company. DISTRIBUTION OF RATINGS/IB SERVICES: IB Serv./Past 12 Mos. Rating Count Percent Count Percent BUY [BUY] 29 82.86 2 6.90 HOLD [HOLD] 6 17.14 0 0 SELL [SELL] 0 0.00 0 0 COMPANIES MENTIONED: Ticker Company Name Rating ANSS Ansys, Inc. Buy ANSS Ansys, Inc. Buy CDNS Cadence Design Systems Inc. Buy MARKET MAKING: Griffin Securities does not maintain a market in the shares of these Companies or any other company mentioned in the report. COMPENSATION OR SECURITIES OWNERSHIP: The analyst Jay Vleeschhouwer who is responsible for covering the securities in this report receives compensation based upon, among other factors, the overall profitability of Griffin Securities, including profits derived from investment banking revenue. Jay Vleeschhouwer who prepared the research report, did not receive any compensation from the Companies or any other companies mentioned in this report in connection with the preparation of this report. The analyst Jay Vleeschhouwer who is responsible for covering the securities in this report currently does not own common stock in the Companies or any other companies mentioned in this report, but in the future may from time to time engage in transactions with respect to the Companies or other companies mentioned in the report. Griffin Securities from time to time in the future may request expenses to be paid for copying, printing, mailing and distribution of the report by the Companies and other companies mentioned in this report. Griffin Securities expects to receive, or intends to seek, compensation for investment banking services from the Companies in the next three months. Griffin Securities Equity Research 3 Ansys, Inc. March 9, 2020 Rating and Price Target History for: Ansys, Inc. (ANSS) as of 03-04-2020 09/12/19 11/08/19 01/17/20 B:$240 B:$248 B:$284 300 250 200 150 100 Q1 Q2 Q3 2018 Q1 Q2 Q3 2019 Q1 Q2 Q3 2020 Created by: BlueMatrix Rating and Price Target History for: Cadence Design Systems Inc. (CDNS) as of 03-04-2020 04/25/17 07/25/17 10/27/17 04/24/18 07/24/18 10/23/18 02/20/19 04/23/19 07/23/19 10/22/19 02/13/20 B:$37 B:$39 B:$47 B:$50 B:$52 B:$54 B:$65 B:$75 B:$78 B:$82 B:$90 90 80 70 60 50 40 30 Q1 Q2 Q3 2018 Q1 Q2 Q3 2019 Q1 Q2 Q3 2020 Created by: BlueMatrix FORWARD-LOOKING STATEMENTS: This Report contains forward-looking statements, which involve risks and uncertainties. Actual results may differ significantly from such forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in the ªRisk Factorsº section in the SEC filings available in electronic format through SEC Edgar filings at www.SEC.gov on the Internet. GENERAL: Griffin Securities, Inc. (ªGriffin Securitiesº) a FINRA member firm with its principal office in New York, New York, USA is an investment banking firm providing corporate finance, merger and acquisitions, brokerage, and investment opportunities for institutional, corporate, and private clients. The analyst(s) are employed by Griffin Securities.
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